With the explosion of PPP and its accompanying rules, regulations and deadlines, CPAs are at an even greater need – as trusted business advisors – to assist clients and communities in navigating the intricacies.
The OSCPA has been intent upon bridging that need by being a resource for other local businesses and providing subject matter experts for virtual presentations on a variety of topics, including PPP.
On Jan. 28, OSCPA member and speaker Donny Matteson, CPA, of Eide Bailly CPAs & Advisors in Oklahoma City, brought his knowledge of PPP to members of another member-based organization, the Oklahoma Restaurant Association (ORA).
During his presentation, Matteson covered recent legislative activity resulting in changes to the first draw PPP loans along with an introduction of the second draw program.
ORA attendees gained insights into who qualifies for the program, what is covered and which previous recipients are entitled to a second draw loan, as well as other important details and requirements.
"We hope our members were able to have many of their questions answered about PPP and to gather insight into how they can best utilize a PPP loan and turn it into a forgivable grant," said Jim Hopper, president and CEO of the ORA.
Matteson, who addressed 40 attendees during the virtual meeting, said it's vital that CPAs stay abreast of relevant issues and use their knowledge to help their communities.
"As CPAs our clients rely on us to be knowledgeable on matters like this," he said. "In order to provide a high level of service for our clients, it is necessary to be apprised of these types of things."
Hopper agreed that it takes a united front for member associations to serve local businesses and communities during these challenging times.
"I believe it is always important for associations to work together as much as possible," Hopper said. "And during the time of the pandemic, the amount of suffering the hospitality industry has endured makes it all the more important to reach out to those experts who can provide needed information for our members."
Both Matteson and Hopper believe shared knowledge can lead to stronger Oklahoma professionals – no matter what industry they serve.
"We appreciate being able to partner with the Oklahoma Society of CPAs for this presentation," Hopper said. "The information provided and the chance to have questions answered will continue to be an invaluable tool to help weather these difficult times our members are experiencing."
The OSCPA and its members will continue to look for ways in which this knowledge can be passed along to those who need it most.
"These are tough times we are going through and making sure that everyone gets the help they have available to them is crucial," Matteson said.
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